Disclosure obligations applicable to Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) have been amended as follows by the Securities and Exchange Board of India (SEBI) on August 22, 2024:
- statement of investor complaints received by InvITs or REITs is required to be placed before the board of directors / governing body of the manager and the trustee of the InvIT or REIT, as the case may be, on a quarterly basis instead of requiring board of the manager and the trustee to review such statement prior to filing of the same with the stock exchange(s) where the units of the InvITs or REITs are listed; and
- statement of deviations or variations in respect of the use of investment proceeds from the stated objectives is required to be filed with the exchange along with submission of financial results (half-yearly or annually) once it has been duly reviewed by the board of directors / governing body of the manager (the 21 days’ window from the close of each quarter to make this disclosure has been done away with).
Conclusion
These amendments align the timelines for important disclosures required to be made with exchanges by managers or trustees of InvITs or REITs.